{"id":245157,"date":"2019-12-29T07:40:08","date_gmt":"2019-12-29T12:40:08","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=245157"},"modified":"2019-12-29T07:40:08","modified_gmt":"2019-12-29T12:40:08","slug":"bitfinex-strengthens-kyc-compliance-now-requires-source-of-funds","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitfinex-strengthens-kyc-compliance-now-requires-source-of-funds","title":{"rendered":"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company is sending out Emails to users to provide more identity information.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The move was first reported on Friday by The Block. In its report, the news medium explained that the exchange was sending the mails to help improve its due-diligence standing and provide a level playing field for users viz a viz identity verification. Verified users were reportedly asked to provide information such as the source and use of their funds, as well as proof of residential address (such as a utility bill).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThat means we are in contact with our customers continuously. We may, for example, be updating various KYC documents that have expired, or clarifying the nature of certain transactions,\u201d Bitfinex Chief Technology Officer Paolo Ardoino said, while also assuring users that their information was secure.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Proving Its Doubters Wrong\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The information gotten could prove instrumental in its defense against the New York Attorney General (NYAG), as the exchange has been involved in a legal tussle with the legal authority for the better part of the year. While the primary bone of contention is related to the alleged disappearance and cover of $850 and fraud on the part of the exchange, Bitfinex momentarily fixated on the fact that it doesn\u2019t serve New York residents, using that fact to accuse the NYAG of operating outside the bounds of its jurisdiction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitfinex initially claimed that it didn\u2019t serve New York residents, but the NYAG presented proof that the traders from the state were able to bypass its restriction technology to access the platform. Now that it\u2019s collecting residential information from its clients, this information could be subpoenaed sometime in the future to bring an end to the dispute.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Further Compliance Enforcement\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the many legal issues that the exchange has found itself in, it has begun to make some laudable moves towards ensuring privacy and compliance enforcement. Earlier this month, the company entered into an agreement with New York-based blockchain analytics platform Chainalysis, which will see the latter provide it with Anti-Money Laundering (AML) compliance solutions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.prnewswire.com\/news-releases\/chainalysis-brings-privacy-safe-compliance-solution-to-cryptocurrency-exchange-bitfinex-300973941.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">press release<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to that effect, both companies explained that Chainalysis would get access to real-time monitoring tools to identify high-risk outliers amid high transaction volumes. Automated compliance tools will also make it easier to enforce compliance, allocate resources, and fight financial crime.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The exchange has also shown a commitment to improving the ease with which users spend their cryptocurrencies. On December 2, Ardoino\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1201761312075927553\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">tweeted<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the company will be supporting Bitcoin transactions on the Lightning Network.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a move that marked the first merge between the Lightning Network and a crypto exchange, Bitfinex users can now make instantaneous asset transfers, while incurring little to no fees on each transfer.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company is sending out Emails to users to provide <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitfinex-strengthens-kyc-compliance-now-requires-source-of-funds\" title=\"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":227279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[5985,7692],"class_list":["post-245157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitfinex","tag-lightning-network"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-29T12:40:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds\",\"datePublished\":\"2019-12-29T12:40:08+00:00\",\"dateModified\":\"2019-12-29T12:40:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\"},\"wordCount\":474,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg\",\"keywords\":[\"Bitfinex\",\"Lightning Network\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\",\"name\":\"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg\",\"datePublished\":\"2019-12-29T12:40:08+00:00\",\"dateModified\":\"2019-12-29T12:40:08+00:00\",\"description\":\"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Crypto Exchange Bitfinex Wins a Partial Stay on New York Info Demands\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search &amp; Compare Brokers within Crypto, Forex &amp; Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\",\"name\":\"Jimmy Aki\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png\",\"caption\":\"Jimmy Aki\"},\"description\":\"Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. Jimmy's previously published work can be found on Business2Community, EconomyWatch, Learnbonds.com, Basketball Insiders, Buyshares.co.uk and a range of other leading media publications. Jimmy has also been investing in Bitcoin since 2018 and more recently in non-fungible tokens (NFTs) since their boom in 2021.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/jimiakinleye\/\",\"https:\/\/x.com\/adejimi\"],\"knowsAbout\":[\"Cryptocurrency\",\"Investment and Blockchain Development\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/jimmyaki\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds - InsideBitcoins.com","description":"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157","og_locale":"en_US","og_type":"article","og_title":"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds","og_description":"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators","og_site_name":"InsideBitcoins.com","article_published_time":"2019-12-29T12:40:08+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg","type":"image\/jpeg"}],"author":"Jimmy Aki","twitter_card":"summary_large_image","twitter_creator":"@adejimi","twitter_misc":{"Written by":"Jimmy Aki","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157"},"author":{"name":"Jimmy Aki","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad"},"headline":"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds","datePublished":"2019-12-29T12:40:08+00:00","dateModified":"2019-12-29T12:40:08+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157"},"wordCount":474,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg","keywords":["Bitfinex","Lightning Network"],"articleSection":["More Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#respond"]}],"copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157","name":"Bitfinex Strengthens KYC Compliance, Now Requires Source of Funds - InsideBitcoins.com","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg","datePublished":"2019-12-29T12:40:08+00:00","dateModified":"2019-12-29T12:40:08+00:00","description":"Cryptocurrency exchange Bitfinex is expanding the scope of its Know Your Customer (KYC) compliance, as the company wants more data to comply with regulators","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157#primaryimage","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/05\/Bitfinex1.jpg","width":1280,"height":720,"caption":"Crypto Exchange Bitfinex Wins a Partial Stay on New York Info Demands"},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search &amp; Compare Brokers within Crypto, Forex &amp; Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad","name":"Jimmy Aki","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png","caption":"Jimmy Aki"},"description":"Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. Jimmy's previously published work can be found on Business2Community, EconomyWatch, Learnbonds.com, Basketball Insiders, Buyshares.co.uk and a range of other leading media publications. Jimmy has also been investing in Bitcoin since 2018 and more recently in non-fungible tokens (NFTs) since their boom in 2021.","sameAs":["https:\/\/www.linkedin.com\/in\/jimiakinleye\/","https:\/\/x.com\/adejimi"],"knowsAbout":["Cryptocurrency","Investment and Blockchain Development"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/jimmyaki"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1770"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=245157"}],"version-history":[{"count":0,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/227279"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=245157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=245157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=245157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}